Oil production reduction can worsen the situation of Venezuela

It's no longer news that the economic and political situation of Venezuela is going through a torrid period and further complicating the situation, the country that owns the largest oil reserves in the world, estimated at 300 billion barrels, has had a drastic reduction in your production.

According to the Organization of petroleum exporting countries (Opec), from 1998 until May this year, the Venezuelan oil production fell 30%, going from 3,100,000 bpd to 2,180,000. There are also expectations that by the end of the year the country produces more than 2,100,000 barrels day. What can aggravate the situation, since 94% of revenues are from oil export.

Maintaining economic model that encourages investors, and without adequate resources, politicization of the State-owned PDVSA and keeping global oil reduction Pact, it is not known how long the Venezuela will be able to keep without such investments in the oil sector.

We remain attentive when walking of the oil there, as well as around the world. Stay informed about everything what happens in the market of oil, gas, energy, gasoline, fuels, Petrobras, onshore and offshore monitoring the Offshore Panorama. Remember: your business. Check out: www.panoramaoffshore.com.br. www.facebook.com/panoramaoffshore.


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